New Gold Inc. (NYSE:NGD) Given Average Rating of “Buy” by Analysts

Shares of New Gold Inc. (NYSE:NGD) have received a consensus recommendation of “Buy” from the six research firms that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $3.60.

A number of research firms have recently weighed in on NGD. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank increased their price target on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th.

Hedge Funds Weigh In On New Gold

Institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets increased its stake in shares of New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after purchasing an additional 2,664,153 shares in the last quarter. XTX Topco Ltd increased its stake in shares of New Gold by 294.7% during the third quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock valued at $1,408,000 after purchasing an additional 365,079 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of New Gold by 5.0% during the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after purchasing an additional 3,541,882 shares in the last quarter. Old West Investment Management LLC increased its stake in shares of New Gold by 42.9% during the third quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company’s stock valued at $2,880,000 after purchasing an additional 300,000 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of New Gold by 684.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock valued at $4,255,000 after purchasing an additional 1,279,500 shares in the last quarter. 42.82% of the stock is owned by institutional investors.

New Gold Stock Performance

New Gold stock opened at $2.82 on Monday. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The firm has a 50-day moving average of $2.77 and a 200-day moving average of $2.75. The firm has a market cap of $2.23 billion, a P/E ratio of 21.69 and a beta of 1.36. New Gold has a 1-year low of $1.10 and a 1-year high of $3.25.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.